LondonMetric Acquires Two Urban Logistics Properties for GBP 29m.
MANews-(C)2009-2022
UK-based real estate investment trust LondonMetric Property plc (LSE: LMP) has acquired two urban logistics properties for GBP 28.8m (USD 36.11m), in separate transactions, reflecting an anticipated blended yield of 4.5% and a reversionary yield of 5.0%, the company said.
The properties are expected to generate a rent of GBP 1.4m p.a. and comprise:
a 125,000 sq ft urban logistics forward fund development at Crosslink 646 in Leicester which consists of two units and is expected to complete at the start of 2023.
The largest unit totalling 90,000 sq ft is pre-let to EM Pharma Ltd on a new 15 year lease at a rent of GBP 7.25 psf with RPI linked rent reviews (2%-4%).
The smaller 35,000 sq ft unit will be developed speculatively and is expected to deliver a yield on cost of c.5%. The property is expected to be certified BREEAM Very Good with the benefit of a solar PV installation...
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